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Investors Storm Fortress IPO

Shares in the hedge fund operator surged in their public debut Friday -- and the rousing reception may make more such deals likely

In the most widely anticipated public offering of the young year, Fortress Investment Group (FIG), the first U.S.-based hedge fund to go public, stormed the ramparts. Shares in the alternative investment outfit were trading around $32 in the early going Feb. 9 -- 73% above the offering price set the previous day but down from the intra-day high of $37. The shares opened trading at $35.

At that level the company had a market capitalization of more than $12 billion. A group of five company insiders hold more than three quarters of the company's shares.